However this will not apply if either Fox’s takeover bid for the 61 per cent of Sky it does not already own is approved before the sale of most of its assets to Disney, or if rival Sky bidder the US broadcast company Comcast acquires more than half of Sky’s shares in a deal.

Disney and Fox are said to have accepted these conditions.

In a statement, the Takeover Panel said: “The panel executive confirms that it has informed each of Disney, Fox and Sky of its ruling that, following completion of the acquisition by Disney of Fox… Disney will be required to make a mandatory offer to the holders of ordinary shares in Sky…

“The basis for this ruling is that… the executive considers that securing control of Sky might reasonably be considered to be a significant purpose of Disney’s acquiring control of Fox.”